lesson 7 6 markup and discount l.
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Lesson 7.6: Markup and Discount. Terminology. Cost - The price retailers pay to a manufacturer. Selling Price - The price retailers charge customers. Operating expenses or overhead - The regular expenses of doing business such as rent, wages, utilities, etc.

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Presentation Transcript
terminology
Terminology

Cost - The price retailers pay to a manufacturer

Selling Price - The price retailers charge customers

Operating expenses or overhead - The regular expenses of doing business such as rent, wages, utilities, etc.

Markup, margin, or gross profit - The difference between the cost of bringing the goods into the store and the selling price

Net profit or net income - The profit remaining after subtracting the cost of bringing the goods into the store and the operating expenses

markup and discount
Markup and Discount
  • Markup and Discount are like tax, commission, and tip questions.
  • You can…
  • Change the percent to a decimal and multiply.
  • Write a proportion like percent problems
basic selling price formula
Basic Selling Price Formula

Selling price (S) = Cost (C) + Markup (M)

$1,200

Computer

$900 - Price

paid to bring

computer

into store

$300 - Dollars to

cover expenses and profit

markup vs discount
Markup

A retail store buys items at wholesale prices. To cover expenses and make a profit, the sells items at higher retail prices. The extra amount is called the markup.

Discount

When an item is on sale, the store is selling the item for less, so this is called discount.

Markup vs. Discount
markup
Finding the amount of markup.

A store buys a shirt at a wholesale price of $13.50 and sells the shirt for $24.95. How much was it marked up?

Finding the percent of markup.

What is the percent of markup for the shirt in the first problem?

Markup

$11.45

84.8% or 85%

markup7
Markup

1) A store buys a pair of shoes at a wholesale price of $37.50 and sells them for $50. What is the amount of markup?

2) What is the percent of markup for the pair of shoes in problem 1?

3) Find the cost after markup: $15 movie, 20% markup

discount
Find the amount of discount

A $36 book is on sale for $27. What is the amount of discount?

Find the percent of discount

What is the percent of discount for the book in the problem before?

Discount

$9.00

25%

discount9
Discount
  • A $90 coat is on sale for $76.50. What is the amount of discount?
  • What is the percent of discount for the coat in problem 1?
  • Find the cost after discount: $85 radio, 10% discount.
shopping activity
Shopping Activity
  • It is time to shop!
  • You have $1000 dollars to spend, no more!
  • You need to shop at least at 6 stores, where you can buy at least one item. Be sure to have at least 2 markups and 2 discounts.
  • Find the cost after the markup or discount.